In today’s briefing:
- Aequitas Korea IPOs Bookrunner Performance (2021-2022)
- Aequitas Korea Placements Bookrunner Performance (2019-2022)
- Freeport-McMoRan: Major Drivers
- Hesai Group Pre-IPO – Peer Comparison – Not Really the Largest, Globally or Locally
- Pre-IPO Changchun BCHT Biotechnology – The Risk of Single-Product Dependence and Uncertain Outlook
- Boeing Co: New Military Aircraft Launch & Other Developments
Aequitas Korea IPOs Bookrunner Performance (2021-2022)
- In this note, we will take a look at bookrunner performance for Korean IPOs from 2021-2022.
- The following dataset includes all Korean IPOs above US$100m for the period of Calendar Years 2021-2022, which amounted to a total of 11 deals.
- The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.
Aequitas Korea Placements Bookrunner Performance (2019-2022)
- In this note, we will take a look at the performance of bookrunners for Korean placements from 2019-2022.
- The following dataset includes all Korean placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 29 deals.
- The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.
Freeport-McMoRan: Major Drivers
- This was a strong quarter for Freeport with the company managing an all-around beat.
- Indonesia’s operations by PT Freeport Indonesia are characterized by very low costs due to the gold content and the grades, large volumes, and the world’s largest goldmine is a byproduct.
- In the quarter, gold and copper sales exceeded the guidance of the company and the company generated strong margins.
Hesai Group Pre-IPO – Peer Comparison – Not Really the Largest, Globally or Locally
- Hesai Group (HSAI US) is looking to raise at least US$100m in its upcoming US IPO.
- HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.
- In this note, we will undertake a peer comparison with domestic and US-listed peers.
Pre-IPO Changchun BCHT Biotechnology – The Risk of Single-Product Dependence and Uncertain Outlook
- Single product structure is the biggest risk of BCHT. Varicella vaccine is hard to drive BCHT’s performance growth in the future and the sales of influenza vaccine are not ideal.
- There’re concerns about the protection rate of attenuated zoster vaccine,which won’t be officially sold until 2023H2/2024. It’s not sure whether the situation can be reversed by attenuated zoster vaccine alone.
- BCHT is inferior to CanSino in terms of pipeline quality and R&D capability. The investment value of BCHT is not high. We think its valuation should be lower than CanSino.
Boeing Co: New Military Aircraft Launch & Other Developments
- Boeing had another weak quarter and failed to meet Wall Street expectations with respect to revenues as well as earnings.
- The company managed over $3 billion in free cash flow driven by the progress in its performance and continued demand.
- Boeing has a strong pipeline of development programs, and it has been preparing itself for the next generation of products.
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